Tide Water Oil Co. (India) Ltd. registered the highest-ever turnover in its history of Rs. 1084.24 crores for the year ended March 2013 
as compared to Rs. 1004.47 crores for the previous year, representing a growth of 7.94 per cent. This performance is even more satisfying as it has been achieved despite difficult market conditions arising out of the general economic slowdown.
Tide Water Oil was able to maintain its performance due to its continued focus on the bazaar segment. Enhancement of brand awareness also remained a major focus area during the year which the company addressed by adopting a more customer-centric approach, executing campaigns on the electronic media and undertaking elaborate field level activities. Realignment of the distribution network, efforts in maintaining direct contacts with the customers and various strategic alliances with the leading OEMs helped the company achieve improved results and increase its presence in new markets.
The company’s plants at Silvassa, Turbhe, Oragadam and Ramkristopur continue to be accredited under ISO 9001:2008 quality standards. The Silvassa and Oragadam plants had also obtained accreditation under ISO 14001:2004 for environmental standards. The activities carried out by the company’s accredited R&D centers have been successful in upgrading product formulation and the process of absorption of latest technology in the industry.
Tide Water Oil’s products primarily marketed under the “VEEDOL” brand name are well established and accepted in the industry for their quality and range. The products manufactured under the technical collaboration agreement with JX Nippon Oil & Energy Corporation (formerly Nippon Oil Corporation) and marketed under the “ENEOS” brand name have established themselves in select segments.
During 2011-12, the company acquired 100 per cent shares of Veedol International Ltd. from Castrol Ltd. and Lubricants UK Ltd., wholly-owned subsidiaries of BP Plc. Through this acquisition the company got the global rights for a wide portfolio of registered trade marks for the master brand “VEEDOL” as well as its associated product sub-brands and iconic logos. The acquisition also opened up opportunities for export and sale of lubricants under the “VEEDOL” brand to various geographies around the world. To leverage the salience of the brand in international markets, the company has initiated steps for marketing its products in the Middle East, Asia and Europe.
International operations
Tide Water Oil has established a 100 per cent subsidiary in the United Arab Emirates, namely, Veedol International DMCC, to cater to the Middle East region. Distributors have been appointed in various countries of the GCC and Levant and the brand relaunched. Initial response is encouraging.
During the year the company also set up Veedol International BV in the Netherlands as a wholly-owned subsidiary. This is expected to relaunch Veedol in Europe.